On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points (bps). The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee (MPC) members voted in favor of the 75bps increase. Bank of England Hikes Repo Rate by 75bps, Monetary Policy Committee Insists More Rate Increases Will Be Needed to Obtain 2% Inflation Rate Goal Seven out of nine MPC members voted in favor of a 75bps rate hike, while two MPC members voted for lower increases. Accordin ...
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